Tianjin FTZ has 40,000 newly registered market entities

TIANJIN - The number of newly registered market entities in North China's Tianjin Pilot Free Trade Zone (FTZ) reached 40,000 since the FTZ was launched on April 21, 2015.

The registered capital of the FTZ reached a total of 1.4 trillion yuan ($219 billion), said Yang Maorong, head of the Binhai New Area at the ongoing local legislative session.

Yang said the FTZ created 12 percent of local GDP, and 25 percent of the city's export volume.

Besides putting more efforts in policy innovation, the FTZ has been improving its services in finance, foreign trade and international shipments.

China's FTZs, which expanded from the first in Shanghai to 11 across the country, are a way of testing new policies, including interest rate liberalization and fewer investment restrictions, to better integrate the economy with international practices.